Yesterday I thought we were headed for an $8,400 retest and I had low hopes that support would hold. To my surprise we got a nice bounce and are heading for a $9,400 retest. I expect strong resistance to be waiting based off of the volume
we saw last time BTC
was at that level (two arrows). Watch for a pullback at $9,400 - $9,500. If that pullback supports over $9,100 then it could form a nice cup & handle
. However, I am staying on the sidelines and would be very weary about going long here. I would also recommend keeping an eye on the charts with longer time frames and remember that this recent rally could be nothing more than a short squeeze.
Happy trading and remember that following is free!